India, Aug. 26 -- Fossil fuel importers have paid over $330 billion extra in six months since the Hormuz crisis began in February 2026,

This makes it the largest sustained price shock since the 1990 Gulf War, CREA reports.

Crude, diesel, gasoline, LNG and jet fuel prices surged well above pre-war expectations.

Diesel-driven inflation hit 134 of 170 countries and poorer economies bearing a heavier GDP burden.

Countries importing fossil fuels have incurred more than $330 billion in additional costs in the six months since the Hormuz crisis began on February 28, 2026, as disruptions to global shipping pushed oil and gas prices sharply higher, according to new research.

Importers have paid an additional $55 billion a month on average, ma...